the Singapore System is

The recent taxi fare hikes are not an example of free market competition and healthy economic development. They are instead an example of anti-competitive behaviour that will end up hurting both consumers as well as taxi drivers. The only entities that will benefit are the taxi companies. That is the crux of the Singapore System — it is a system designed so that the owners of assets and the lenders of capital are free to enslave the mortgagees of assets and the borrowers of capital , with the full acquiescence and permission of the ruling PAP government.